ICICI Bank share price added close to a percent at open on August 25. The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi as the managing director and chief executive officer of ICICI Bank, the private lender said in a regulatory filing on August 24.
The re-appointment will come into effect on October 15, 2021, and the tenure will continue till October 3, 2023.
"The shareholders at the Annual General Meeting held on August 9, 2019 had already approved the appointment of Mr. Bakhshi for a period effective from October 15, 2018 upto October 3, 2023," ICICI Bank stated in the NSE filing.
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The stock was trading at Rs 699.80, up Rs 5.45, or 0.78 percent at 09:19 hours. It has touched an intraday high of Rs 700.00 and an intraday low of Rs 697.10.
Global research firm Jefferies has maintained buy call on the stock and has raised target to Rs 900 from Rs 830 per share. The brokerage firm is of the view that the bank is at an inflection point of leveraging investment in SME/Biz banking platform, according to a CNBC-TV18 report.
"Bank’s SME/Business-banking loans grew strongly at 49% YoY in Q1. We believe that segment can continue to grow at 24% CAGR over FY21-24. We raise our earnings forecast by 4% over FY23-24," it added.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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